Category: Economy and Markets
IMF commends Sri Lanka on economic progress made so far
Jan 23, 2017 (LBO) – The International Monetary Fund (IMF) has commended the new strategy of Sri Lankan government to create financial discipline and lead the country in a correct path to economic development. Managing Director of the International Monetary Fund Christine Lagarde said she highly values the Sri Lankan Government’s dedication to take the […]
Sri Lanka President to appoint committee to investigate bond scam
Jan 23, 2017 (LBO) – Sri Lanka’s President Maithripala Sirisena said he would appoint a commission to investigate and recommend actions for an alleged bond issue scam in early 2015. “I will appoint a Special Presidential Commission of Inquiry this week to investigate the Central Bank bond issue and recommend actions,” President Maithripala Sirisena tweeted. […]
Sri Lankan shares end higher on foreign buying
Jan 20, 2017 (Reuters) – Sri Lankan stocks closed higher on Friday led by financials, after hitting a more than one-week closing low in the previous session, on increased appetite for risky assets by foreign investors. The Colombo stock index ended up 0.08 percent at 6,169.57, edging up from its lowest close since Jan. 10 […]
‘s Swarnamahal Financial Services transferred to default board
Jan 19, 2017 (LBO) – Sri Lanka’s Swarnamahal Financial Services (SFS) has been transferred to default board with with immediate effect following the Securities and Exchange Commission directive on prohibiting related party transactions, a statement said. “In view of several significant issues (which are set out in the SEC directive dated 18th January 2017), the SEC has requested the CSE […]
Sri Lanka president advises officials to brace for impending drought
Jan 19, 2017 (LBO) – Sri Lanka’s President Maithripala Sirisena has held a discussion to look into the preparations at ministerial level to provide essential relief to the public during the impending drought. A special committee comprising secretaries of the ministries of power and energy, mahaweli and water supply has been appointed to make quick […]
New leasing scheme for vehicles comes into effect
Jan 18, 2017 (LBO) – Central Bank of Sri Lanka has advised commercial banks and leasing companies to follow new regulations in granting loans for vehicle leasing including three wheelers. “The new circular has slapped additional controls over credit facilities afforded to three wheelers. Under the new leasing regulations the leasing facility offered will be 25 […]
Implementing international conventions only criteria for GSP Plus: EU
Jan 18, 2017 (LBO) – European Union today reiterated that the ratification and implementation of 27 international conventions signed by Sri Lanka are the only criteria to rejoin the Generalized Scheme of Preferences Plus (GSP+). The delegation of the European Union to Sri Lanka and Maldives said these conventions relate to international human rights, labour […]
Sri Lankan rupee weaker on foreign bank dollar demand
Jan 18, 2017 (Reuters) – The Sri Lankan rupee traded weaker on Wednesday due to importer dollar demand, after sales by foreign banks had helped the U. S. currency to edge up in the previous two sessions, dealers said. The rupee has been under pressure due to rising imports and net selling of government securities […]
‘s industrial output up 4.5-pct in November
Jan 18, 2017 (LBO) – Sri Lanka’s Index for Industrial Production (IIP) shows volume of industrial production rose 4.5 percent in November 2016 when compared with the same period last year, a statement said. According to the island’s Census and Statistics Department, manufacturing of food products is the major contributor at a total industrial value […]
‘s Brexit speech; stocks slip
HONG KONG, Jan 18 (Reuters) – The British pound consolidated gains on Wednesday after posting its biggest rise in nearly two decades in the previous session, while Asian stocks are set to drift lower following a weak Wall Street. Sterling saw its biggest daily rise since at least 1998 on Tuesday as Prime Minister Theresa […]
Prime Minister meets Chinese President at World Economic Summit
Jan 18, 2017 (LBO) – Prime Minister Ranil Wickremesinghe today met Chinese President Xi Jinping on the sidelines of the World Economic Summit to be held in Davos City from 17th to 21st January. The Prime Minister attended the World Economic Summit on invitation last year too. Leaders of nearly 40 countries are scheduled to attend the 2017 […]
Sri Lankan shares end lower; heavyweights down
Jan 17, 2017 (Reuters) – Sri Lankan stocks closed lower on Tuesday for a second straight session as investor sentiment took a hit on political uncertainty and as yields on short-term bonds rose. The Colombo stock index ended 0.24 percent weaker at 6,186.52, stepping away from its highest close since Dec. 30 hit on Friday, […]